There is now a total stock of 1,200,000 m² of contemporary owner-occupied and speculative industrial space in the area of the Bulgarian capital Sofia, according to new Colliers International Bulgaria research. This figure includes warehouse, manufacturing and flex buildings.
Of the 1,200,000 m² of total inventory, 160,000 m² is speculative, with warehouses the overwhelming majority of that space, 146,000 m². The historic lack of contemporary industrial space, say Colliers in their new Bulgaria Industrial Market Overview for the second half of 2007, has forced many occupiers to choose a build-to-suit solution.
Colliers also report that Plovdiv is becoming an attractive destination for industrial facilities because its strategic location is well-suited for nationwide distribution activities. There is a total stock of 450,000 m² in owner-occupied and speculative industrial space.
And Bulgaria's third largest city, Varna, is also catching up, say Colliers, with a total stock of 300,000 m² in owner-occupied and speculative industrial space. The new Logistics Park Varna will deliver an extra 80,000 m² in speculative warehouse space over the next couple of years.
Atanas Garov, Managing Director of Colliers Bulgaria, said, "European Union regulations and requirements are creating a need for modern industrial space in Bulgaria. We expect levels of demand in this market to increase steadily."
Ivan Velkov, General Manager of Colliers Bulgaria, added, "More than a third of the total inventory of industrial space in Sofia is located close to the airport, which provides convenient access to ground, rail and air transportation."
Philip Bay, Regional Director, Colliers International Southeast Europe, concluded, "I am proud of the high quality market research we produce. It is a valuable tool for clients, media and other real estate professionals, and just another reason why Colliers International Southeast is the leading property consultants in the region."
In 2007 Colliers International Southeast Europe was named Property Consultant of the Year for the region for the second straight year.
Click here to read the full report.